A comprehensive exam for all 6 courses can be purchased for $24.50 through CUNA CPDOnline.
Bankruptcy History and Court Structure:
- Relate the issues involved in bankruptcy and the importance of balancing the needs of both debtors and creditors
- Describe the influence of our legal roots in Europe on the direction of bankruptcy law in America
- Relate the historical problems with bankruptcy law in the U.S. and the various reforms that attempted to address these problems
- Explain the statistical trends regarding bankruptcy and their impact on credit unions
- List and discuss the causes of the increase in bankruptcy filings
- Describe the structure of the bankruptcy courts
- Identify the most recent reforms instituted by the Bankruptcy Reform Act of 2005
Bankruptcy Basic Concepts:
- List the various types of bankruptcies
- Define the terms used and roles involved in bankruptcy procedures
- Describe the Chapter 7 bankruptcy process
- Explain the Chapter 13 bankruptcy process
Bankruptcy Documents:
- Recognize the first notice of bankruptcy and identify its parts
- Understand your credit union's initial steps upon receiving a first notice of bankruptcy
- Identify the documents required in a Chapter 7 bankruptcy
- Define the means test
- Describe the method for determining if debtors meet the means test and the options and exceptions available if they do not
Bankruptcy Immediate Issues:
- Define the automatic stay and list the actions your credit union may take, as well as the actions that are prohibited
- Summarize the information that should be gathered by your credit union at the creditors' meeting
- Explain the issues involved with the proof of claim
- Define statement of intention, redemption, reaffirmation, and surrender
- List the property that is generally exempt from liquidation in Chapter 7
Bankruptcy Abuse and Recoveries:
- Summarize the process of discharge under Chapter 13
- Describe the characteristics of Chapter 7 bankruptcies and list situations in which discharge will be denied
- List examples of bankruptcy abuse
- Recognize examples of cases in which recovery would occur
Bankruptcy Dos and Donts:
- Evaluate your credit union's lending practices
- List ways to protect your credit union after loan problems develop
- Describe ways to educate your members in financial responsibility
- List proactive steps to take when receiving a bankruptcy notice
- Identify items to review in the bankrupt member's file